Forget Budget Decor, This Entire House Was Purchased for a $1

Here's a makeover you won't believe: A historic house in Memphis was sold for a buck and turned into a bed and breakfast within a year. Jose and Jennifer Velázquez had dreams of opening their own B&B, and after 24 years they found the perfect place — The James Lee House, an abandoned and rundown Victorian built in 1848 that's listed on the National Historic Register.

In 1929 the house became the James Lee Memorial Arts Academy (now known as the Memphis College of Art) after its owner deeded it to the city. When the school moved to a new campus in 1959, the property was leased to preservationists for 50 years, but remained untouched and empty during that period. At the end of the lease, the city put out a call for proposals for the site and that's how the Velázquezes got the chance to make their dream a reality — for just a $1, but with a lot of restrictions and demands to meet. "In order to complete the property transfer we had to secure all financing, have signed contracts with architects/contractors, provide appropriate construction bonds, and (essentially) ensure that the property would actually be restored and and reused in a timely manner," Jose Velazquez told The Huffington Post. "We had 12 months to complete all construction work and be open for business."

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The couple was able to finish all the renovations in a year and even managed to keep some of the house's original features intact, including mirrors in the grand parlor, a fresco in the dining room, and plaster moldings in the grand parlor and foyer. But of course the extreme makeover had its fair share of challenges. "A full historic restoration of this magnitude is challenging no matter how prepared you are," Jose Velázquez told The Huffington Post. "When you consider that this is our very first attempt at it, the level of intensity goes up exponentially. I suspect that among the many challenges, the two that rush immediately to mind are: code compliance and plaster restoration."

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Now The James Lee House is a gorgeous B&B, offering luxurious amenities and five beautifully-decorated suites. See more amazing before-and-after photos below and check out their Facebook page.